The time coming in the semiconductor market is going to be from India because it is moving very fast. India’s apex policy -making organization NITI Aayog has estimated that the country’s auto parts can touch the $ 145 billion figures by 2030 by the automotive component sector 2030. Along with this, it has also been said in the report that the export of India’s auto parts can increase three times to $ 60 billion. Which is 20 billion dollars in the recent times. Semiconductor means the chip that looks like electric, computers and vehicles in the same. The report said that India’s semiconductor market will grow at the rate of 15 percent every year. That is, it will grow at double the rate.
Current status of auto industry
In 2023, about 94 million or 9.4 crore vehicles were built worldwide. At the same time, the market for global auto parts was about $ 2 trillion, including exports of $ 700 billion. India has currently become the fourth largest automobile manufacturer in the world, after China, America and Japan. About 60 lakh trains are produced in the country annually. In this, India has made a good hold in terms of small cars and utility vehicles.
Why will the rate increase in India?
The semiconductor market in India is growing much faster than the world. This can earn about 13 billion dollars by 2030. Currently, only 0.1 percent of the semiconductor chip of the world is made in India. India spends about 1 percent on the machines that are installed to make semiconductor. But 6.5 percent of the demand for semiconductor in the world is in India. Even though the chip is less in India, but in the coming time it is going to be a very big market.
Tariff became ‘time’ for China
According to media reports, many companies are removing their business from China. Due to this, there is a lot of uncertainty about tariffs. Some companies are also doing their work outside China under the Chin Plus One Strategy. Meaning she is doing her work in China as well as in some other country.